Palestine Government Releases Frozen Funds Belonging to U.S. Residents

Residents of the United States who have “blocked accounts” in Palestine can, in certain instances, withdraw their funds, under new exchange control regulations published in the Palestine Government Gazette yesterday. Persons who fall into the categories listed below can apply to the Controller of Foreign Exchanges in Jerusalem for information or payments.

Remittances now transferable are those deriving from capital repayment of matured mortgages, drawn or matured securities, legacies by persons who at death resided in the sterling area, profits companies operating in the sterling area, sale of real estate or personal effects bought here by persons who have since left, the winding up of companies, the surrender of life or endowment insurance policies and with drawls from cooperative society accounts. Similar transfers or investment are permitted for funds hitherto blocked as belonging to foreign nationals who left Palestine for countries outside the sterling area or certain categories of persons who technically are enemy aliens and now live outside the sterling area.

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